Media Contact: Chynna Cowart
chynna.cowart@state.co.us | 303-656-7464
The Department of Local Affairs (DOLA), through the Division of Housing's State Housing Board, voted on, approved, and awarded more than 24 million dollars in funding in February with the objective of providing Coloradans more options for affordable housing around the state.
The State of Colorado seeks to offer a continuum of housing options for households with various criteria and Area Median Incomes (AMI), as well as for people looking for housing combined with supportive services, in order to meet the challenges of a continually evolving population.
Affordable Housing in Development
1. Sloan’s Lake ($5M)
Zocalo Community Development (ZCD) has been awarded $5,000,000 to support the new construction of a 158 unit affordable housing property one block from Sloan’s Lake in West Denver. The project site is located at 16th Avenue and Newton Street, next to the Colorado Acute Long Term Hospital.
2. Smith Ranch Apartments ($3.9M)
The construction of Smith Ranch Apartments in Summit County and the Town of Silverthorne, a HUD-designated Difficult Development Area, will be a 65-unit affordable housing development. This property will provide 27 one-bedroom, 24 two-bedroom, and 13 three-bedroom permanently affordable homes, along with one employee unit. The affordable units will serve four households earning 30% of the Area Median Income (AMI) and 60 households earning up to 60% of AMI.
3. Waterview Homes ($7.15M)
Waterview Homes’ intent is to reduce the cost of building new housing stock in rural Colorado by utilizing a prefabricated panelized home design, low-cost construction finance, and donated land where possible, into a toolkit.
Both phases of the project are located north of the City of Ouray's downtown district. Phase I will include a 23 unit mix of mostly duplex homes with some detached single-family homes which meet in-home daycare codes. The homes are 2 stories with a mix of 2 and 3 bedrooms ranging from 1024 sq. ft. to 1216 sq. ft. The 3 bedroom, 3 bathroom single-family homes with garages are priced higher, but they are priced for 120% AMI households.
Phase II of homes are to be constructed by the end of 2026, and will add up to 47 additional units in the same location. Each home will be deed restricted to serve households earning between 80-120% AMIs. The deed restriction is for 100 years and will be reset with each resale of a home.
4. Impala Project ($3.5M)
The Impala Project, which will provide 86 units for households at 30%-70% AMI with an average of 59% AMI in Larimer County. There will be 29 one-bedroom units, 35 two-bedroom units, and 22 three-bedroom units.
The Impala Project is both a new construction and renovation project, consisting of two adjacent sites at 306 and 400 Impala Circle that will be replatted as one property.
5. Silver Key Senior Apartments ($4.59M)
Silver Key Apartments at South Murray is a proposed 50-unit senior LIHTC project located in Colorado Springs. The building will serve seniors 62 and older who income-qualify between 30% and 60% AMI, averaging 45.60% AMI. Of the 50 units, 13 will be restricted at 30% AMI, 10 at 40% AMI, 13 at 50% AMI and 14 at 60% AMI. The units restricted at 30% AMI will have age qualified VASH vouchers.
The project will be built on vacant land owned by Silver Key Senior Services whose headquarters are located immediately next door. Silver Key will provide ample services to the residents of the Project. The project will consist of a single three-story structure serviced by two elevators. The common areas will primarily be on the first floor of the building, while there will be common area spaces on each floor and a second floor amenity deck with views. The project is zoned for multifamily housing and will include 59 parking spaces.
View complete information on Housing Board grant approvals.